Problem Statement
For 2 years on ₹5,000 at 12% per annum, the excess of compound interest over simple interest is:
Explanation
For two years, the difference equals principal times rate squared over ten thousand. That is five thousand times one hundred forty four over ten thousand, which is seventy two.
Code Solution
SolutionRead Only
Excess = P×(R^2)/10000 = 5000×(12^2)/10000 = 72
